While there is no questioning the execution skills of the outfit, its no See's Candy as Titan operates in a put-up-more-to-earn-more' industry. ~96% of the cumulative CFO (ex-working capital) has gone towards working capital and capex needs. This acts as gravity to Titan's punchy valuations of 43x FY21E EPS multiples. Also, the want from growth and its longevity is massive to justify the same. Peers too are expected to catch up on the design and capital curve over the medium to long-term. Channel check suggests that most big-box jewellers performance was a mixed bag (-5 to 20% in 4Q). In this backdrop, Titans 4Q performance seems commendable. Big-box peers inability to fix their debilitating capital pangs continues to benefit Titan. We largely maintain our EPS estimates FY20/FY21. However, opportunistic aggression in expansion plans by Titan poses an upside risk to our estimates. We maintain our DCF based TP of Rs 990/sh (implying a P/E of 39x FY21E EPS). Reiterate NEUTRAL.